Local Real Estate Agent Collecting Short Sale Horror Stories

Local San Diego real estate agent
Bob Hamzey
is convinced that big banks are taking advantage of the new "Foreclosures Alternative Program" or (FAP) program recently unveiled by the Obama administration. He is actively collecting information from homeowners and fellow real estate agents in order to present the government with a convincing case to crack down on bank abuses of the program.

The new rules of the FAP program as designed to streamline the short sale process for distressed homeowners by setting service standards for banks and mortgage companies under the control of the OCC and FDIC. While the program promises to make life easier for homeowners and the realtors helping them, Hamzey claims that big banks have already found ways to circumvent the rules for their own gain.

"The banks have been transferring their equity lines of credit in the middle of the short sale process to affiliate companies," said Mr. Hamzey. "These affiliates are not under the auspices of the OCC or obliged to follow the rules set up under the president's new program. In essence, they are almost free to be as uncooperative as they please." Hamzey claims that by not signing off on the short sale package, the affiliate companies may force the first mortgage to foreclose.

"In front of the camera, bank executives smile and explain how they are cooperating with the government and working with distressed homeowners," said Hamzey. "In the back rooms, they transfer their assets to affiliate companies that practically operate free of government regulations. Hamzey is on a mission to spread the word about big bank abuse of the FAP program. He is asking others to send him their personal stories of getting caught up in short sale abuse. Hamzey intends to send these stories to federal regulators in an effort to encourage the Obama administration to develop a system that is fair and responsible for the people they were designed to help.